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The Best
Of Both Worlds

Updated July 1, 1997 3:54 p.m. ET

A huge amount of intellectual energy has been spent over the recent past in examining the risks linked with the transfer of Hong Kong to Chinese sovereignty. It seems that everyone's main concern is how China might either deliberately or accidentally hurt Hong Kong, or how Hong Kong might in some way contaminate or destabilize China.

Yet all this seems to ignore what I consider to be by far the most important and more exciting question, which is how Hong Kong and China can together capture the new opportunities that arise from...